Demand for gasoline rose 5.4 percent from November 2012 to average slightly more than 8.9 million barrels per day, while distillate deliveries increased by 3.7 percent to just under 4.0 million barrels per day. Over the same period, demand was up by 7.0 percent for jet fuel and by 10.3 percent for “other oils.” Residual fuel demand fell by 24.9 percent from last year to 243 thousand barrels per day, the lowest level on record for the month of November.

U.S. gross refinery inputs increased by 3.2 percent from November 2012 as most refineries came back up from their scheduled turnaround and maintenance in the prior month. At 15.9 million barrels per day, they reached the second highest November level on record. Exports of refined petroleum products rose 6.0 percent from last year to 3.6 million barrels per day, the highest November level on record.

“A number of the production trends we track either set or came close to setting new records last month,” Felmy said. “As the Energy Information Agency said this week, growing domestic production is helping consumers by putting downward pressure on prices.”

Gasoline production rose 3.1 percent from last year to 9.4 million barrels per day. This was the second highest output on record and just 63 thousand barrels per day below the all-time high set in July 2010. For year to date, gasoline production increased by 2.1 percent compared with the same period last year and was the highest year to date on record. Production of distillate rose 8.3 percent from November 2012 to an all-time high of 5.1 million barrels per day, the first time ever above 5.0 million barrels per day. Year to date distillate production also reached an all-time record of 4.7 million barrels per day.

Domestic crude oil production in November averaged above 8.0 million barrels per day for the first time in 25 years. U.S. crude production increased by 13.8 percent from November 2012 to just over 8.0 million barrels per day. Natural gas liquids (NGL) production, a co-product of natural gas production, reached a new all-time high of just over 2.7 million barrels per day last month, an increase of 7.6 percent from November 2012. According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. in November was 1,756, up from October’s count of 1,744.

Crude oil stocks fell 1.0 percent from last November to end at 375.7 million barrels, the second highest inventory for the month on record. Stocks of motor gasoline ended down 1.4 percent from last year to 212.3 million barrels in November. Distillate fuel oil stocks were down 1.1 percent from year ago levels to end at 116.7 million barrels. This was the lowest inventory level for the month in 61 years, since 1952.

U.S. total imports and crude oil imports fell to their lowest November levels in 17 years. Total imports dropped 5.7 percent from last year to average 9.6 million barrels per day while crude oil imports fell 5.4 percent to 7.7 million barrels per day in November. Imports of refined products sank 6.8 percent from November 2012 to 1.9 million barrels per day. This was the lowest imports level for the month in 14 years, since 1999.

The refinery capacity utilization rate averaged 89.3 percent in November, up 2.9 percentage points from October and 0.7 percentage points higher than the same period last year. API’s latest refinery operable capacity was 17.816 million barrels per day, up 2.3 percent from last year’s capacity of 17.408 million barrels per day.

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy and are backed by a growing grassroots movement of nearly 20 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.